In this episode of the Maya on Money podcast, host Maya Fisher-French dives deep into the intricacies of estate planning for offshore investments. With her own recent restructuring experience, Maya opens up about the challenges of managing foreign dividends and the growing tax implications of wealth accumulation over time. To help navigate these complexities, she invites Elana Nel, Fiduciary Specialist at Ninety One, to share her expertise on how to effectively plan for the future when dealing with both local and foreign assets.

The discussion covers a wide range of critical topics, including the impact of situs tax, the importance of understanding different jurisdictions' tax rules, and the necessity of having separate wills for local and offshore assets. Elana elaborates on the potential pitfalls of estate planning, especially for families with members living across various countries, and highlights the significance of double taxation agreements.

Key topics discussed include:

- The complexities of estate planning with offshore investments
- Understanding situs tax and its implications for South African investors
- How exchange control affects the winding up of estates with foreign assets
- The role of wills in managing local and offshore assets
- Strategies for simplifying estate administration through investment wrappers

This episode is a must-listen for anyone with international investments or those looking to ensure their estate is managed effectively across borders. Tune in to gain valuable insights that could make a significant difference for you and your beneficiaries.

In this episode of the Maya on Money podcast, host Maya Fisher-French discusses the recent changes affecting small business finances following the national budget announcement. With the VAT threshold and turnover tax limits both increased to R2.3 million, Maya unpacks what this means for small business owners and whether they should consider deregistering for VAT.

Joined by Seelan Muthayan, director and head of VAT at BDO, they explore the pros and cons of remaining a VAT vendor versus deregistering, emphasising the complexities involved in VAT returns and the potential impact on cash flow. Seelan shares valuable insights on the implications of deregistration, including the risk of audits and the perception of reliability among clients.

Key topics discussed include:

- The implications of the increased VAT threshold for small businesses

- Pros and cons of deregistering for VAT

- Understanding turnover tax and its eligibility requirements

- Common pitfalls in claiming home office expenses and how to navigate them

- Advice on maintaining compliance with SARS and preparing for future audits

This episode includes essential information for small business owners looking to optimise their tax strategies and navigate the evolving financial landscape. Tune in to gain clarity on these significant changes and make informed decisions for your business.

As the end of the tax year approaches, it is time to maximise your tax deductions and contributions to tax-free savings accounts and retirement annuities. Joined by Janine Langenhoven, senior legal counsel at Ninety One, Maya explores the often-overlooked tax benefits of exceeding the annual contribution cap on retirement annuities of R350 000. Janine explains how excess contributions can roll over to future years, allowing for tax deductions later, and discusses the implications of these contributions at retirement.

They also discuss the dos and don'ts for parents who may want to give their children a head start on their retirement savings.

Key topics discussed include:

- The mechanics of exceeding the R350 000 contribution cap and the tax benefits associated with it

- How excess contributions can lead to tax-free withdrawals at retirement

- The role of retirement annuities in estate planning and their implications for beneficiaries

- Strategies for parents considering retirement annuities for their children

- Important considerations for tracking contributions and ensuring compliance with SARS

This episode provides essential insights for anyone looking to navigate the complexities of retirement annuities and optimise their tax strategies effectively.